Global fintech and funding innovation ecosystem

Category Archives: Fintech and Networking Events

[Global DMI Symposium, London, May 10-11]: Central Banks and Digital Currencies

OMFIF Digital Monetary Institute  | May 1, 2023

Annual DMI 2023 Symposium, London, May 11-12

On 10-11 May 2023 (attend physically in London or virtually), the symposium returns to examine the distribution and use cases of both retail and wholesale central bank digital currencies, tokenised assets, deposits and capital markets, cross-border payments and domestic interoperability. Speakers will explore regulatory framework harmonisation, cybersecurity considerations and the future of money in the metaverse.

See:  OMFIF / EY Report: Blockchain for Public Finance – Capital Markets and Beyond

This hybrid event will be held in London, convening a global network of key policy-makers, regulators and public and private sector stakeholders. The symposium will include public sessions attended by digital finance experts from across our community, and off-record, high-level roundtables to examine critical questions of technology applications, including cybersecurity and digital IDs. The agenda will enable participants to have their voices heard on important issues and move the industry beyond words into action.

View more information --> here

Download the PDF agenda --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Speech by OSFI Superintendent Peter Routledge: Looming risks and long-term resilience

OSFI | Apr 27, 2023

Unsplash – Loic Leray, Risk

Image: Unsplash/Loic Leray

Speech delivered at Economic Club of Canada on April 27

  • Re-asserting OSFI’s will to act:  Today I would like to speak with you about how risks facing Canada’s financial system have shifted and heightened the need for OSFI, as a prudential regulator, to act early in response to uncertainty.
    • To signify my underlying intent, I titled my first public speech as Superintendent The Fierce Urgency of Now. In that speech, and in all my subsequent public remarks, I have endeavoured to reach back to OSFI’s origin story and re-affirm our True North, or our will to act when faced with signals of trouble, to paraphrase Justice Willard Estey, the head of the Royal Commission that led to OSFI’s creation.
  • Signals of trouble:  Since I began my service as Superintendent, I have pointed OSFI towards a variety of trouble signals – climate change, the digitalization of financial services, and risks in the housing market to name a few.

See:  JPMorgan, Reportedly Seeks to Acquire First Republic Bank

  • Housing market risk:
    • The housing market faces risks related to increased credit risk and potential economic downturn, which could worsen the vulnerability caused by the level of household indebtedness in Canada. Federally-regulated financial institutions should take proactive measures to manage these risks, including monitoring mortgage asset quality and engaging with industry members on loan plans. The Office of the Superintendent of Financial Institutions (OSFI) has launched a public consultation on Guideline B-20 on Residential Mortgage Underwriting Practices and Procedures and will publish a summary of feedback received from stakeholders. OSFI may also publish an advisory or interim guidance on the next steps to manage these risks.
  • Climate change risk:
    • Climate change poses a significant threat to human well-being and global economies, necessitating a shift away from greenhouse gas-emitting energy sources and adaptation to the impacts of a warmer climate.  As nations respond to climate risks, their actions will have profound implications for Canada's economy and financial system, which will be largely influenced by international efforts rather than its own initiatives.  The Office of the Superintendent of Financial Institutions (OSFI) focuses on building resilience to climate risks within Canada's financial system through Guideline B-15: Climate Risk Management, and plans to develop a standardized climate-scenario exercise for financial institutions in 2024.

See:  Financial Institutions and Regulators Alike are Showing Growing Interest in Fintech and Regtech Solutions.

  • Third party arrangement risk:
    • Increased Dependency: Financial services industry's reliance on third-party arrangements elevates the risk to critical services and data security, with potential systemic implications due to dominant technology providers and rising cyber incidents.
    • Guideline B-10 Implementation: Introduced to address third-party risk management, it reflects global regulatory trends and covers a broad range of third-party arrangements beyond traditional outsourcing.
    • Efforts to improve third-party risk data quality and consistency through initiatives like the 2022-23 pilot program will inform future data aggregation, analysis, reporting processes, and guidelines to better respond to the industry's evolving landscape.

View the full speech --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

BoE Speech: 4 Areas at the Intersection of Payment Innovation, Tokenization, and Money

Bank of England | Sir Jon Cunliffee speech | April 17, 2023

Digital pound and tokenization of money – Sir Jon Cunliffe

In his speech at Innovate Finance Global Summit (London), Jon Cunliffe looks at four areas where the tokenisation of money is now being explored. 

  • Sir Jon Cunliffe, Deputy Governor, Financial Stability, predicts that the trend towards electronic money will continue due to the digitalisation of everyday life, further developments in payment systems, infrastructure and regulatory frameworks, and newer technologies that have emerged from the crypto world, such as tokenisation, encryption, distribution, atomic settlement and smart contracts. These technologies offer the prospect of the 'tokenisation' of financial and other assets, including money, and a more extensive, faster and more secure programming/automation of transactions.
  • The potential tokenisation of money and development of new ways of transferring it in transactions has major implications for the Bank of England, which is responsible for ensuring that payment systems work seamlessly and without disruption in the UK and for ensuring that each of the monies circulating in the UK are both robust and uniform.

See:  AltFi Series (2 of 3): Regulatory Landscape on Stablecoins

  • 1. While stablecoins offer some advantages, such as faster and cheaper transactions, they also pose significant risks such as lack of transparency, AML compliance, and the potential to undermine financial stability.
    • The regulatory frameworks need to be put in place to address these risks, and that stablecoins should be subject to the same standards and regulations as other forms of payment.
    • Note that tokenized bank deposits may offer similar functionality and efficiency to stablecoins, while being subject to existing regulatory frameworks and protections for depositors.
  • 2. The tokenization of bank deposits as a new form of digital money to be used on new payment rails.
    • Tokenized bank deposits would offer some or all the functionality and efficiency claimed for stablecoins, allowing bank deposits to compete better with non-bank payment coins.
    • The tokenization of bank deposits would allow them to circulate freely as ‘tokenized deposit money,' constituting claims on the issuing bank that could be held in a wallet without the holder having an account at the issuing bank.
    • However, the tokenization of bank deposits raises questions about how deposit insurance would operate in case of a bank's failure and how anti-money laundering and other regulations would operate to prevent illicit finance.

See:  UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment

  • 3. Digital pound: Central banks may issue central bank digital currencies (CBDCs) for retail or wholesale purposes to anchor the value and robustness of all monies circulating in the country and ensure competition and innovation in the development of new functionalities using tokenized money.
    • The Bank of England has published a consultation paper on the Digital Pound, a Sterling digital currency for general-purpose retail use, and is exploring options for tokenized wholesale money.
    • Tokenization of financial assets, atomic settlement, smart contracts, and other emerging technologies have the potential to transform wholesale financial transactions and enable a more extensive, faster, and more secure programming/automation of transactions.
  • 4. Bank of England is actively working to ensure that new forms of money are robust and uniform:
    • BoE is developing a regulatory framework for stablecoins, ensuring that they meet the same standards as other forms of money in terms of safety, stability, and consumer protection.
    • BoE is collaborating with other central banks and international organizations to develop common standards and shared principles, ensuring a consistent approach across jurisdictions.
    • The Bank is engaging with the private sector and fostering innovation in digital currencies, while ensuring that risks are effectively managed, and the financial system remains stable and resilient.

Read the full speech --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Partner Webinar Apr 19: Data and AI driving diversity in SME Lending

SME Finance Forum | April 18, 2023

Data and AI – Diversity in SME Lending

Considerable cultural, economic, and regulatory differences exist around the world that affect accessibility to capital and in particular the opportunity for women and those underserved to launch and grow thriving businesses. Therefore, it should be no surprise that effective solutions to overcome these challenges are best formulated with particular attention to these differences that are unique to each country, lender, borrowers, and loan type.

While the challenges may be unique for each lender, there is good news. The process for diagnosis and treatment is highly codified, scientific, reproducible to virtually any market and lender in a way that delivers high performance and regulatory compliance.

Webinar

Date: April 19, 2023

Time: 9:00 to 10:00 EDT

Register

See:  Board Diversity and Inclusion: 50-30 Challenge

Moderator and speakers:

  • Elaine MacEachern, Sr. Financial Sector Specialist at World Bank Group
  • Patrick Reily, CEO - Uplinq Financial Technologies
  • Mario Schlener, Leader Financial Services Risk Management (FSRM) Practice and Enterprise Risk Strategy Canada and Global FS Risk Technology/Alliance/Innovation Lead - Ernst & Young
  • Ayo Olojede, Group Head, Emerging Businesses - Access Bank
  • Mehi Mirpourian, Data Science Manager - Women's World Banking

More information --> here


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Event May 8-9, Dubai: FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues

DIFC | Soumen Chakraborty | Apr 13, 2023

DFS Rountable 2

Image: DFIC

DIFC-led dialogue hosts ten heads of banks and FinTechs for discussion on current financial stability and outlook

  • Dubai, United Arab Emirates, 11 April 2023: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region hosted the second Dubai FinTech Summit (DFS) Dialogues this week, powered by the Innovation Hub. Heads of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions.
  • According to recent research by Report Ocean, the global FinTech Lending Market was valued at approximately USD573.05 bn in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4% over the forecast period 2022-2029.
  • The age of Banks vs. FinTechs is behind us
    • The FinTech sector, widely recognised as a major competitor to banks, is expected to double in size from USD135.9 bn in 2021 to USD266.9 bn in 2027, according to DIFC FinTech Hive's 2022 FinTech Report. Additionally, with approximately 50 per cent of the MENA region currently unbanked or underbanked, FinTechs have been playing a crucial role in promoting inclusive economic growth in the region.
    • However, a unanimous takeaway from all banks at the DFS Dialogue captured how both entities are in fact symbiotic.

Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Bank:

This is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true when we look at opportunities to expand into new geographies, improve product capabilities, grow revenues, or scale or optimise our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day. As we look to the future, FAB will continue collaborating with pioneering FinTechs to deliver impactful advances across the financial industry.

See:  Digital Identity Protection is Critical for Metaverse Innovation

  • Trust and innovation:
    • Google predicts that the financial services and banking industry will emerge as the primary spender for AI technology in the MENA. The industry will make up nearly 25 per cent of all AI investments in the region, with banking tech alone expected to contribute 13.6 per cent to the region’s gross domestic product by 2030.
    • The onset of Web 3.0 ushers in a transformative moment for financial services, capital markets and banking, shifting customer expectations and revolutionising the sector. The total transaction value of embedded finance is said to reach USD7 tn in 2026, as per Rakesh Reddy, CEO, Cloud4u, “This is particularly useful for Platform as a Service (PaaS) providers who will strongly benefit from this growth, undeniably becoming a key industry disruptor.”

Mehdi Tazi, Chief Operating Officer, Lean Technologies:

I believe customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamlining processes when helping onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking that enhances the customer’s journey, ultimately building trust.

  • Dubai Fintech Summit (DFS):  Dubai is gearing up for continued growth and innovation, so how can policymakers, entrepreneurs and investors come together to further advance during these volatile times? With a unified goal to enhance inclusive, stable banking solutions for the region, traditional financial establishments are increasingly optimistic in growing their partnerships with promising FinTechs to help bridge gaps and strategically stay ahead of the curve. Join the dialogue at the Dubai FinTech Summit at Madinat Jumeirah in Dubai.

Visitors can now purchase tickets with early bird prices available until 15 April 2023.

 

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.  With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.  For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

May 10 Event: BDC Presents FORPIQ 2023: Driving Innovation Forward

FORPIQ | David Durand | April 13, 2023

FORPIQ 2023

Montreal, Canada - Startups, small and medium-sized businesses looking to navigate the complex world of intellectual property (IP) won't want to miss FORPIQ 2023 on May 10th 2023. The event, under the theme "Driving Innovation Forward," will cover a range of topics, including maximizing IP value for startups and SMBs, empowering Canada's innovation ecosystem, and the future of IP in the digital world.

Attendees will have the opportunity to learn from leaders in the field of IP and explore the latest trends in IP programs, clean tech, technology transfer, indigenous innovation, artificial intelligence, and digital asset management. The conference aims to help participants, including business owners, entrepreneurs, investors, researchers and others with varying levels of IP awareness increase the value of their technology and IP.

The event is open to all and will be conducted in both French and English. It is an excellent forum to exchange best practices and network with a diverse group of professionals from various sectors, including entrepreneurs and innovators, law firms, incubators and accelerators, financial service providers, government representatives, researchers and scientists, members of the academic community, and organizations in economic development.

Event: FORPIQ 2023

When: Wednesday, May 10th 2023

Where: Centre Mont-Royal, Montreal

Tickets for the event can be found at https://thepointofsale.com/tickets/forpiq. FORPIQ also offers limited networking opportunities to startups, students, and minorities, which can be requested by email at info@forpiq.com.

Me David Durand, President, FORPIQ:

FORPIQ 2023 is designed to provide practical tools that attendees can put into action right away.  We work closely with all members of the ecosystem to provide entrepreneurs and innovators, from startups to SMBs, valuable insights that will help them take their business to the next level.

For more information, please visit the event website at www.forpiq.com.

Contact:  Karine LaRocque at info@forpiq.com


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Planning a Successful Business Event: Tips and Strategies

Guest Post | Apr 6, 2023

Unsplash – Evangeline Shaw, business event

Image: Unsplash/Evangeline Shaw

Preparing and hosting a business event is a great opportunity to create awareness for your brand and attract prospective buyers. A small business must develop a detailed marketing strategy, decide the event’s agenda and set aside a considerable budget to ensure the event is successful. This article will give you top tips and strategies to ensure your small business event goes well and impacts your business positively.

Identify Your Target Audience and the Event’s Agenda

Identifying your target market is an essential part of your business event planning. Excellent knowledge of your audience will help you take note of their needs and expectations and develop creative ways of meeting them. Your audience’s preference will guide your decision-making process before the event.

After you understand your target market, looking at the goals you intend to accomplish with the event is essential. Setting realistic goals with your audience in mind will help you gain new partners and networks, create brand awareness and find a market for any new products.

Create a List of Crucial Event Requirements

After defining your event’s goals and understanding your prospective buyers, you will already know what you need for a successful event. You may need a venue, exhibition stands, refreshments, event presenters, lighting equipment and vehicles for effective transportation. Listing these requirements ensures a smooth process as you plan your event. With a checklist, you can easily prioritize essential event items.

Establish a Reasonable Budget

As a startup or a small business, finances can sometimes be tight, but with an effective budget, your event can achieve great success. Write down a budget that meets your goal, your audience’s needs and the essential things you need during the event. Some of the things you need to budget for include:

  • Venue expenses
  • Marketing costs
  • Catering costs
  • Décor expenses
  • Transportation and entertainment charges

Budgeting can also involve sourcing sponsors to help you with the event’s costs. Some sponsors may decide to cater for all expenses, while others will only offer your partial support. Besides the financial relief, well-established sponsors can boost your brand’s credibility when dealing with new customers.

Consider Booking the Event’s Venue

Booking your event’s venue immediately after deciding on the event’s date helps prevent last-minute frustrations. When booking a venue, ensure it is within your budget and that all expected attendees can access it easily. Besides, ensure the venue has functional amenities like restrooms, elevators and cafes in case your audience needs to use them. After booking your venue and setting the date and time, you can begin sharing with your target market.

Design a Strategic Marketing Plan

Developing a detailed marketing plan is crucial in the event planning process. Consider all the places and platforms you need to post your event details and design a marketing checklist for when you need to have your marketing content ready. Ensure you have a schedule for when you need to put out marketing content on different platforms.

Advertise the Event

You can use numerous methods to ensure that your target audience receives information about your upcoming event. They include social media marketing, using influencers, sending your customers promotional emails and launching your event website. Besides, set aside some budget for paid search advertising to ensure your event is displayed on your audience’s search engine results and the sites they frequent most.

Consider Online Event Registration

Including an online registration system in your event is an easier option for you and your prospective buyers. Ensure your registration form is simple and short but has all the necessary information. Online event registration estimates the expected attendees and allows you to plan for the perfect venue, sitting space and any other needed items. Besides, your attendees’ information is stored safely, and you can use it for follow-ups after the event.

Design a Unique Experience

If you want your audience to keep talking about your event after it has passed, give them an unmatched experience. Consider incorporating unique bits into your event, such as engaging games, entertaining speakers and artists and offering surprises and exciting food options. Offering your customers branded freebies such as t-shirts and mugs sparks their excitement and shows them you are committed to your business’s success.

Tickets:  FFCON23 Expo and 7th Annual Summer Kickoff Networking, May 31

Besides, your audience will use these branded freebies daily, promoting your brand’s visibility. Incorporating unique elements into your event will impact your audience, and they will look forward to your future events.

Conclusion

Planning and executing an impactful business event requires thorough preparation and teamwork. If you are planning an event, get creative, set clear goals, understand your target audience and design a sustainable marketing plan. Your efforts will create awareness for your business, boost your brand’s image and generate resourceful networks.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter